Canada's 'OPEC of maple syrup' taps into strategic reserves amid global shortage
The Quebec Maple Syrup Producers cartel is releasing roughly half its stockpile
Americans should expect higher prices at the grocery store this holiday season. Inflation, supply chain issues and worker shortages are driving up grocery bills across the country.
Canada's "OPEC of maple syrup" announced it is releasing roughly half its strategic reserves – to the tune of 50 million pounds of maple syrup – due to a worldwide shortage of the traditional waffle and pancake topping.
Closeup of young woman at cafe table pouring warm maple syrup on pancakes (iStock / iStock)
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The Quebec Maple Syrup Producers comprised of some 11,000 Canadian maple syrup producers controls roughly 70% of the world's maple syrup supply, and its stranglehold on the market has been "compared to the Organization of the Petroleum Countries' grip on oil" according to The New York Post.
But the group says they have been hit with a surge in demand due to more folks cooking at home amid the pandemic, coupled with a 24% year-over-year drop in production due to warmer temperatures during spring along with a shorter season.
A tube system runs out of a tapped maple tree in the Wagler Maple Products sugarbush in Wessesley, Ontario, Canada (Photographer: James McDonald/Bloomberg via Getty Images) (James McDonald/Bloomberg via Getty Images)
Not only will the Quebec Maple Syrup Producers release its reserves, but they plan to authorize more production next season to make up for this year's drop. According to NPR, the group will tap an extra 7 million trees in an effort to get back to typical production levels and to replenish their reserves.
MONTREAL, QC - MARCH 18: Members of Team Canada drink maple syrup after finishing third in the men's 5000 meter relay Final during the World Short Track Speed Skating Championships at Maurice Richard Arena on March 18, 2018 in Montreal, Quebec, Cana … (Photo by Minas Panagiotakis - International Skating Union/International Skating Union via Getty Images / Getty Images)
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"That's why the reserve is made, to never miss maple syrup," Quebec Maple Syrup Producers' communications director Helene Normandin told the outlet. "And we won't miss maple syrup!"